In the report, Abraham noted, “While we acknowledge that the valuation of WCRX is materially lower than that of its peer group, at a 2014e earnings multiple of 4x vs. the sector average of 14x, we forecast a negative 5-year overall revenue CAGR of -5% vs. the peer group average of +7%. We prefer to remain on the sidelines pending execution on business development activities that could contribute to the company's longer term growth profile.”